-Abraham Lincoln

There are few things that everyone in the world has in common. Of these few things, even fewer are as in important as a mother. So how are you celebrating the great unifier of humanity, otherwise known as mother’s day? How can we adequately pay our respects to the women who gave us strength, love, and most importantly, life? Well, if you’re mother is anything like my mother, than it doesn’t matter if you buy precious rubies  or Knipschildt chocolates (that chocolate rings up at $2,600 a pound by the way), or if you give a card and a hug. Your mother will still think you’ve given her the best gift in the world; your sweetness and attention.

What’s the hardest job in the world? The Presidency? Alaskan Crab Fishing? Being a mother? Yes, it’s being a mother. Most people wouldn’t be where they are or who they are without the love and influence of their mother.

Some good ideas

For those feeling more ambitious and want to really impress their mothers, I’ve rummaged around the internet and asked my colleagues for the best mother’s day gift. So here is a few idea’s that might help make this mother’s day one to remember.

Day at the spa – an old stand by for sure, but a gift that most hard working mom’s (which is to say every mom) will appreciate. I know I’ve caused my mom a fair amount of stress over the years. If you’re mom’s ever said, “Do you know what time it is?”, she deserves an Elemis Sole Delight Foot Treatment. “You set what on fire?” – Hot Stone Thai Herbal Ball Massage. It’s a way to pay back for those nights of hand ringing and toe tapping.

A day at the spa is great, but if you really want to make your mother happy, all you have to do is spend the whole day with her, if only to walk in the park or play cards. Most mothers just want their children to be there, to be home. And that’s an easy one.

Some Bad Ideas

As with all good intentions comes collateral damage. Even though your mother says she’s so excited about the card you bought on your way home to see her, the thought doesn’t always count. When should you rethink your mother’s day gift?

If you’re standing in the appliance section of Sears and trying to think of which toaster would really wow her this year, you should start rethinking your game plan. No fruit baskets, no bathroom accoutrements, and no cards that aren’t containing a truly heartfelt gift (like a day at the spa). By far, the worst gift you could possibly get for the woman who brought you into this world; a gym membership. Do not buy your mother a gym membership. Give her a hug, tell her how much she matters to you, and actually start calling her more often. Then you’ll make this Mother’s day one to remember. Happy Mother’s day.

We Need:

• Team players
• Loves talking to people
• Upbeat optimistic attitude
• Productive & positive work ethic
• Great organization and communication skills
• Excellent time management and computer skills

We Prefer:

• Active & Pending Licensed Loan Originators
• At least One year experienced within the mortgage industry
• Bi-lingual English/Spanish a plus

The typical work day involves “loan processing” duties such as:

• Keeping track of multiple files in various stages of the process
• Ordering credit reports, title policies, and appraisals
• Assisting with preparing loan files for closings.
• Administrative duties

For more information about MCity, check out our about us page to get a better idea of the team you’re joining.

To Apply, email your resume and a brief description about yourself to Penelope@mcity.pro and we will be in contact.

HARP 2.0: The First Week

After working with HARP 2.0 for a week, it’s important to note how efficient the process runs. The number of applicants applying for HARP 2.0 has noticeably increased, with more calls coming in from homeowners who now qualify. Just like a computer software upgrade brings its share of improvements and detriment, HARP 2.0 has had a few growing pains.

Qualifying Remains a Slight Issue

One of the biggest improvements for HARP 2.0 was the increase of allowable Debt-to-Income ratio to 45%. This provision allows borrowers to refinance even if their debt was slightly less than half their monthly income. So far most applicants that are turned down are rejected because their DTI is too high, even with the lower 45% benchmark. A remedy for this would be to reassess your finances and see what can be done to decrease your debt before the end of HARP and reapply.

A Word about Fannie Vs Freddie

While both Fannie Mae and Freddie Mac back HARP 2.0 loans, there are a few differences between the two in relation to you. For Fannie Mae, closing costs can be rolled into the overall loan while Freddie Mac only allows up to $5,000 to be rolled in.

Also Freddie Mac offers a 15 year option, while Fannie Mae’s 15 year is not available until June. For more information about Fannie vs. Freddie or any mortgage related questions, please contact us and one of our HARP specialists will be more than happy to help.

Despite the Obama administration’s calling for lower refinancing fees, the FHA has announced it will be raising Upfront Mortgage Insurance Premium (UFMIP) and annual Mortgage Insurance Premium (MIP) rates on new home purchases. Starting April 1^st, 2012, those looking to purchase a home will find premium rates higher for their mortgage insurance.

The Changes to New FHA Purchases

While not dramatic, the rate change is noticeable. Let’s look at the numbers:

• Annual MIP will gain .10%, rising from 1.15% to 1.25%
• UFMIP will gain .75%, rising from 1.00% to 1.75%.

What that means to prospective homeowners who want to lock in mortgage insurance at its current rate, is they’ll have to act fast and secure an FHA Case Number. Very, very fast, or be prepared to pay upfront 1.75% of the total cost for their home. That’s $1,750 for a $100,000 Home.

In addition to rate changes, borrowers will also need to pay off any collections showing or their credit report if collections are currently greater than $1,000.  This can be paid in full before or at the time of closing, or you can arrange a payment plan.  Unfortunately, if you arrange a payment plan you will have to make a couple on time payments before being able to close.

HUD also changed the definition of an “Arm’s Length” transaction to be a little more exclusive in its reach. The “Arm’s Length” Clause is intended to make more stipulations on purchase transactions that occur between family members.  The new definition of family members include: spouse, legally adopted children, foster children, step siblings, and aunts and uncles.  When a transaction is occurring between family members FHA will only finance 85%.

Some (Possibly) Good News for Potential Homeowners

For those who already know they won’t be buying a house within the next two weeks, there may be help brewing in the White House. But until the government implements real action, it might be the smarter bet to plan your budget around existing laws and not the laws suggested. If you have any questions about the new mortgage insurance rates or other mortgage related questions, we’d be happy to hear from you. Please visit our contact us page or give us a call at #407-237-3131

Times are tough. You’ve been surviving for a while, and sometimes you may worry the end of days is near! Well, the end is near; the end of upside down mortgages. The beginning of affordable mortgage refinancing is coming soon. For the next twelve days, we will be rationing out all the information you need.

What is the HARP Refinance Interest Rate?

The ultimate benefit to the new HARP refinance mortgage program is the ability to reduce your interest rate and lower your monthly payments. It is natural to want an idea of what sort of interest rate you can expect by refinancing. Unfortunately, no one can tell you exactly what your interest rate and if they say they can they’re lying.

So, How Can You get the Lowest Interest Rate?

A few days before you complete your loan’s closing, your mortgage company will lock your interest rate. The mortgage company establishes the rate based on current market interest rates which fluctuate minute by minute. Borrowers who have better credit scores, more assets, and solid job history will receive the lowest interest rates. Fortunately for you, interest rates are still at their lowest level in 60 years. Currently, you can expect to get an interest rate of around 4% on a 30 year mortgage, and less on a 15 year.

That is why the HARP refinance program is such a great benefit to homeowners right now. Let’s say you have a 150,000 dollar home with a 5.75% interest rate. Refinancing to an interest rate closer to 4% would mean savings close to $200.00 a month.

Have a HARP Specialist March you Through the Process!

For information about HARP 2.0 rules, qualifications, deadlines, and more click on one of the HARP 2.0 survival kit links. Here you can learn how to best be prepared for HARP 2.0 when it goes online, or contact us by clicking the lifesaver and following it to saftey! We’d love to tell you all about the new HARP 2.0 refinance program. Check back tomorrow for more survival tips on how to get organized and survive the countdown!

Tomorrow HARP 2.0 goes into effect and the opportunity to refinance comes with another added bonus; if you’re unsatisfied with your current lender, you can change banks with HARP 2.0! The closing hours of our HARP 2.0 countdown are coming; how will you choose to survive them?

Why Change Banks with the new HARP 2.0?

Fact: some banks are better than others when it comes to customer satisfaction. Here are symptoms your lender has poor customer service: Your emails aren’t getting responded to, they’re constantly illusive and bordering on deceptive, or you call and leave a message only to be left twisting in the wind. This is unacceptable. If you’re bank is leaving you feeling neglected, then take advantage of HARP 2.0 option and change your bank!

What Refinancing with a new Bank can mean for you.

If you choose to change lenders, it’s important to go with one that thoroughly understand your financing options. Here at MCity, our HARP specialists have read all the fine print and are prepared to take you through every step of your HARP 2.0 qualification process. In addition, we are constantly updating our website to bring you the most up-to-the-minute HARP 2.0 and refinancing news. Don’t get stuck with a bad bank again. Come to MCity for your HARP2.0 refinancing and get the help you need tomorrow, today!

Have a HARP Specialist March you Through the Process!

For information about HARP 2.0 rules, qualifications, deadlines, and more click on one of the HARP 2.0 survival kit links. Here you can learn how to best be prepared for HARP 2.0 when it goes online, or contact us by clicking the lifesaver and following it to saftey! We’d love to tell you all about the new HARP 2.0 refinance program. Check back tomorrow for more survival tips on how to get organized and survive the countdown!

As you read this, computer and software programmers are tucked away somewhere working tirelessly to update the Fannie Mae computer systems in order to bring the new updated HARP program to you. When we resume business on Monday we will begin the first applications of the new HARP refinance program.

What Can I Expect as Closing Costs for HARP?

Everyone’s closing costs vary depending on situation and time. Based on financial standing and time of closing your cost will adjust. With HARP there are a few items that you will be required to pay for at closing such as:

• Fees for Title Company
• Fees for Mortgage Company
• Mortgage Insurance payment (if applicable)
• Miscellaneous conditions and fees

One thing that you will most likely not have to pay for is an appraisal. The updated HARP program in most cases won’t require an appraisal if there is enough information in Fannie Mae and Freddie Mac’s systems. This could mean a savings of 300 to 400 dollars.

Will I Need to Pay Closing Costs Out of Pocket?

More than likely none of your closing costs will need to come out of your pocket. In the update made to the HARP refinance program guidelines it allows for the current value of the loan plus cost of closing to be added into the value of the new loan. That means you can save money every month with no immediate const to you.

Have a HARP Specialist March you Through the Process!

For information about HARP 2.0 rules, qualifications, deadlines, and more click on one of the HARP 2.0 survival kit links. Here you can learn how to best be prepared for HARP 2.0 when it goes online, or contact us by clicking the lifesaver and following it to saftey! We’d love to tell you all about the new HARP 2.0 refinance program. Check back tomorrow for more survival tips on how to get organized and survive the countdown!

Times are tough. Who knew the bottom was going to fall out. Sometimes you may wonder if you’ve reach the last straw. If you have been struggling to keep up with your mortgage payments, we may have some relief for you. The new HARP 2.0 mortgage refinance program.

What is the HARP Policy on Mortgage Insurance?

For those who did not put 20% down when they closed their loan, I’m sure your grown very familiar with you monthly mortgage insurance payments. Maybe you’re wondering if that will affect your eligibility with HARP 2.0. Well fret no more; you can still qualify for the HARP refinance mortgage with or without mortgage insurance.

Those With Mortgage Insurance and Without Qualify for HARP!

The new HARP 2.0 refinance program allows for both Borrower paid mortgage insurance and for Lender paid mortgage insurance. If you currently have mortgage insurance your payments will not fluctuate.

For those who do not have mortgage insurance you can also breathe easy. When refinancing with HARP 2.0 you will not be required to purchase mortgage insurance on your loan.

Have a HARP Specialist March you Through the Process!

For information about HARP 2.0 rules, qualifications, deadlines, and more click on one of the HARP 2.0 survival kit links. Here you can learn how to best be prepared for HARP 2.0 when it goes online, or contact us by clicking the lifesaver and following it to safety! We’d love to tell you all about the new HARP 2.0 refinance program. Check back tomorrow for more survival tips on how to get organized and survive the countdown!

The countdown to HARP 2.0 marches on! Since you’re a hard working individual, there’s a good chance you’re may be reading this on your lunch break. Your place of employment is another important aspect to qualifying for HARP 2.0. A steady income is obviously a requirement for refinancing, but how gainful is gainful employment? Is your debt-to-income ratio high enough? What does that even mean? Rest easy! We will go over exactly what you need to know.

HARP 2.0 Qualifications and DTI (Debt-to-Income)

DTI stands for debt-to-income; the amount of debt you pay monthly divided by your monthly income will give you your DTI ratio. Take a second and crunch some numbers! – So what did you come up with? Hopefully your DTI ratio was 45% or higher, since that is the required DTI ratio to qualify for HARP 2.0.  Now, Fannie Mae and Freddie Mac don’t mention specifics eligible DTI’s but where you need one is what’s called investor overlays.  That’s addition requirement by those lending the money.

Your DTI and HARP 2.0 Mortgage Refinancing

If you came up with a ratio below 45%, try reviewing your income and make sure you’re including ALL of your income. If you’re receiving alimony, child support, or disability be sure to include those resources into your income. By the same token, be sure you’re accounting for all your forms of debt.

So your DTI is 45% or better. That’s a great first step! Now you will need to verify your sources of income. An easy way to do that would be providing your lender with W2’s from the past two years. Your lender will also need a verbal verification (speak with your employer) to confirm your employment. With just these two pieces of information, you can be on your way to lower rates and more money in your pocket!

Have a HARP Specialist March you Through the Process!

For information about HARP 2.0 rules, qualifications, deadlines, and more click on one of the HARP 2.0 survival kit links. Here you can learn how to best be prepared for HARP 2.0 when it goes online, or contact us by clicking the lifesaver and following it to safety! We’d love to tell you all about the new HARP 2.0 refinance program. Check back tomorrow for more survival tips on how to get organized and survive the countdown!

Life is unpredictable. Bankruptcy and foreclosure can sneak up just as quickly as a tsunami or typhoon. If you have gone through either of those financial struggles, then there are two things to be certain of; you’re a survivor and you can still qualify for the new HARP 2.0 refinance program!

The new HARP 2.0 on Bankruptcy and Foreclosure

It’s possible you’ve heard of HARP before and did not qualify or were denied refinancing because of a prior foreclosure or bankruptcy. We’re here to tell you, you’re not alone. In fact, so many underwater mortgages where being denied refinancing because of bankruptcy or foreclosure that the Obama administration lobbied for less restrictions in order to allow millions of homeowners a chance to stay in their homes.

So I do qualify for HARP 2.0?

Simply put, if you’ve suffered foreclosure or bankruptcy in the past, you CAN refinance with the new HARP 2.0 program. Keep in mind, that there are quite a few stipulations to qualify, so be sure to contact us or browse the HARP section of our website for to be thoroughly informed.

Have a HARP Specialist March you Through the Process!

For information about HARP 2.0 rules, qualifications, deadlines, and more click on one of the HARP 2.0 survival kit links. Here you can learn how to best be prepared for HARP 2.0 when it goes online, or contact us by clicking the lifesaver and following it to safety! We’d love to tell you all about the new HARP 2.0 refinance program. Check back tomorrow for more survival tips on how to get organized and survive the countdown!